Natal Company provided the following information: Materials 1,400,000 Advance for materials ordered 200,000 Goods in process 650,000 Advertising catalogs and shipping cartons 150,000 Finished goods in the factory 2,000,000 Finished goods in a company-owned retail store, including a 50% profit on cost 750,000 Finished goods in the hands of consignees, including 40% profit on sales 400,000 Finished goods in transit to customers, shipped FOB destination at cost 250,000 Finished goods out on approval, at cost 100,000 Unsalable finished goods, at cost 50,000 Office supplies 40,000 Materials in transit, shipped FOB shipping point, excluding freight of P30,000 330,000 Goods held on consignment, at sales price, cost P150,000 200,000 Compute for the correct amount of inventory.
Natal Company provided the following information: Materials 1,400,000 Advance for materials ordered 200,000 Goods in process 650,000 Advertising catalogs and shipping cartons 150,000 Finished goods in the factory 2,000,000 Finished goods in a company-owned retail store, including a 50% profit on cost 750,000 Finished goods in the hands of consignees, including 40% profit on sales 400,000 Finished goods in transit to customers, shipped FOB destination at cost 250,000 Finished goods out on approval, at cost 100,000 Unsalable finished goods, at cost 50,000 Office supplies 40,000 Materials in transit, shipped FOB shipping point, excluding freight of P30,000 330,000 Goods held on consignment, at sales price, cost P150,000 200,000 Compute for the correct amount of inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer competely
Transcribed Image Text:Natal Company provided the following information:
Materials
1,400,000
Advance for materials ordered
200,000
Goods in process
650,000
Advertising catalogs and shipping cartons
150,000
Finished goods in the factory
2,000,000
Finished goods in a company-owned retail store, including a 50% profit on
cost
750,000
Finished goods in the hands of consignees, including 40% profit on sales
400,000
Finished goods in transit to customers, shipped FOB destination at cost
250,000
Finished goods out on approval, at cost
100,000
Unsalable finished goods, at cost
50,000
Office supplies
40,000
Materials in transit, shipped FOB shipping point, excluding freight of P30,000
330,000
Goods held on consignment, at sales price, cost P150,000
200,000
Compute for the correct amount of inventory.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education